Following the passing of the 2018 Farm Bill on December 12, 2018, hemp and hemp-derived CBD (cannabidiol) have been eliminated from the U.S. Controlled Substances Act.

As a direct effect of this, the CBD industry looks set to skyrocket into otherworldly realms of success.  However, the recently announced resignation of the U.S. Food and Drug Administration’s chief has shaken things up a bit.

According to The Washington Post, Dr. Scott Gottlieb will be leaving office in April.  During meetings that took place from February 26 to 28, Gottlieb told Congress that the non-psychotropic cannabinoid CBD cannot be added to consumer products.

The news of the FDA commissioner’s resignation has negatively impacted biotech stocks, whereas tobacco is bullish and pot stocks seem to be mixed. Within 24 hours of the news being made public, Aurora Cannabis stocks shot up 12 percent and Canopy climbed 2.3 percent. Meanwhile, Tilray and Aphria experienced declines of 0.5 percent each. CannTrust stocks fell by 0.7 percent upon the news of the FDA chief announcing his resignation.

CBD review expected to commence in April

Last month, Gottlieb said he would be holding a public meeting regarding CBD this April. He divulged the information to the House Appropriations Committee. A specific date for the public meeting was not mentioned and with Gottlieb resigning from his position as FDA chief, it is uncertain if the meeting will go ahead at all.

In the event that the public meeting does take place, attendees will get the chance to learn more about the 2018 Farm Bill, which removes hemp and hemp-derived CBD from the U.S. Controlled Substances Act. The cannabinoid is known for its anti-inflammatory and anti-anxiety properties. 

Back in December, Gottlieb vowed to review CBD rules “in the near future” and said that the rules are “even more important” now that hemp has been legalized. Despite being urged by numerous members of Congress to prepare the CBD rules, Gottlieb hasn’t completed the task just yet.

The 2018 Farm Bill has stimulated CBD industry growth

Since the 2018 Farm Bill went into full effect back in December of last year, hemp’s primary non-psychoactive constituent cannabidiol (CBD) has been legalized and regulated just like any other crop.

Thanks to the bill, CBD has been removed from the Controlled Substances Act. This effectively opens up plenty of opportunities for consumers and businesses, who can now use the therapeutic cannabinoid as a legal ingredient in food, skincare products, natural plant medicines and much more.

On the other hand, it’s not quite clear how the CBD rules will fare with the FDA. Consumers ought to investigate CBD companies in order to find a supplier with competitive prices, pesticide-free and non-toxic ingredients.